If it's a 6cyl then it's a 300E. Who knows why that 400 emblem is on it, the other one may have been ripped off and the guy had a 400 one laying around or he was a poser. A 400 is a V8, is a newer model and cost more. A lot of people still do that today like putting an AMG emblem on my CLK because an AMG costs like 25 grand more or guys putting the 427 badge and stinger hood on a Corvette back in the day that actually had the 350.

It sounds like you should be fine for what you're paying for it. A quick story about a 300E. Around 1998 or so I was a new car auto broker. I brokered a new Jag to a guy out in Calabassas who had about the same year 300E as yours, it looked good but it wasn't running. It had about 250K on it. I asked my mechanic if he was interested and he wound up buying it for $700 and he told me it was probably bad valves and it needed a head but he was taking a some risk, maybe the whole engine was shot. He called me up a few days later to come over to the shop, he wanted to show me something. He had the head off and yes, it needed valves. He had me run my finger up and down inside of one of the cylinders and I could feel tiny ridges. He said those were the machine marks from the factory and at 250 thousand miles they haven't even worn off yet. He also said in 25 years he's never gone into the block of any Benz, only the heads. He said the only time he's heard of someone rebuilding a Benz engine was when someone let it overheat and cooked it to death or something. He got the head rebuilt for $1,300 and put it back on the car and it ran perfect including the trans. He let me drive it and it was sweet. His wife drove it for about 5 years and he never did anything else significant to it just routine stuff like maybe a starter and brakes.

The 6 cyl 300E is probably the single best powertrain Mercedes has ever built. 188K is nothing, if you have to do the head in 5 years, so what? That car is one of the best selling Benz's ever, parts are easily available and plenty of people can work on it even out where you're at. Since you don't know any of the history on it, spend a few hundred right now and change all the fluids including the trans and filter, oil, coolant and brake fluid. Put it up on a rack and inspect everything, pull on the suspension members, check for loose ball joints, the exahust system and oil leaks. Catching something early and fixing it now will save you a ton later if you decide you're going to keep it.

The thing about an old Benz is they're worth fixing and keeping because it's still a classy solid ride. Honda's and Toyota's are also good, reliable cars but they don't have anywhere near the style and class of an equally old Benz. Anybody want to put a grand into a 87 Camry or Civic? Not likely, you'll just scrap it.

Bob

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